Poundworld puts 5,300 jobs at risk after announcing administration

The future looks dismal for Poundworld's 5,300-strong workforce as any solvent sale would trigger a painful restructure, leading to 100 store closures out of its 335-strong estate and the loss of thousands of jobs.

It is believed the notice will give Poundworld time to structure a deal, which could be undertaken through a pre-pack administration, with private equity firm R Capital, former owner of Little Chef.

Losses for the financial year 2016-17 were £17.1million, up from £5.4million the year before.

House of Fraser (HoF) is expected to be the latest retailer to turn to a CVA in the coming days amid pressure from its bank lenders on its Chinese shareholder to pump fresh capital into the business.

Retailers Maplins, Toys "R" Us, Mothercare, Carpetright, plus a string of restaurant chains, have hit the headlines this year because of trading trouble.

Restaurant chains including Byron, Carluccios and Prezzo - which is also owned by TPG - have also sought approval from creditors to shut scores of outlets amid similarly tough conditions in the United Kingdom casual dining sector.

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Poundworld's possible collapse comes after both Toys R Us and Maplin both fell into administration earlier this year. The appointment of Deloitte as administrators leaves the future of five stores in the county hanging in the balance.

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